Brookfield Asset Management, a leading global alternative asset manager, has signed a Memorandum of Understanding (MoU) with Reliance Industries, a Fortune 500 company and India’s largest private sector enterprise, to manufacture renewable energy and decarbonisation equipment in Australia.
The MoU aims to both accelerate and de-risk Australia’s energy transition by enabling it to locally produce clean energy equipment such as PV modules, long duration battery storage and components for wind energy.
Brookfield will work with Reliance to explore avenues of direct capital investment and development of skills, knowledge and expertise in the renewable energy sector of Australia to facilitate the nation’s transition to a net zero future.
The MoU is one of the key initiatives being undertaken by Brookfield to bring global manufacturing technology and expertise to Australia. It intends to ensure consistent and adequate supply of the clean energy equipment required to develop up to 14 GW of new, large-scale generation and storage capacity in Australia.
Luke Edwards, Brookfield Renewable Head of Australia, said: “Australia has a proud history of manufacturing and an abundance of raw materials, but the industry is not currently cost competitive. We want to help kickstart a new era in local manufacturing that will benefit domestic renewables developers and many communities around Australia. We are establishing global partnerships in manufacturing now to allow us to get started as quickly as possible given the ever-reducing timeline for Australia to reach its first emissions-reductions targets in 2030.”
Anant Ambani, Director, Reliance New Energy Limited, said: “At Reliance, we are firmly committed to the mission of creating a global clean energy ecosystem that is both beneficial to humanity and compatible with nature. Towards this end, Reliance is pursuing opportunities of investment in India and globally with great enthusiasm and passion. We are confident that Reliance and Brookfield will explore avenues in green energy in Australia, accelerating the nation’s transition to a Net Zero future and providing a fillip to the global green energy movement.”
Brookfield is uniquely placed to support these initiatives with approximately US$825 billion of assets under management across renewable, infrastructure, real estate, private equity, credit and other. Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management and operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North and South America, Europe and Asia, and totals approximately 31,600 megawatts of installed capacity.
Reliance, with a consolidated revenue of INR 976,524 crore (US$118.8 billion) and net profit of Rs 74,088 crore (US$9.0 billion) for the year ended March 31, 2023 has interests spanning hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.